Real Vision: Finance & Investing

REKT Vision: Bybit Hacked for $1.4B | Are Meme Coins Dead?

Feb 21, 2025
The podcast dives into the staggering $1.4 billion hack at Bybit and its ramifications on the crypto market. It highlights the urgent need for security and caution in trading. They explore the potential collapse of meme coins amid shifting investor confidence, along with the ongoing struggles of Solana. The conversation also touches on how advancements in decentralized finance and AI might reshape the future of cryptocurrency, urging a reassessment of portfolios in this volatile landscape.
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ANECDOTE

Bybit Hack

  • Bybit, the second largest crypto exchange, was hacked for $1.4 billion in ETH.
  • The hack was a sophisticated "Musk attack" involving a spoofed multi-sig transaction.
INSIGHT

Hacker's Dilemma

  • The stolen $1.4 billion is difficult to move due to its size.
  • Bartering with Bybit to return some funds for no prosecution might be a likely outcome.
INSIGHT

Libra Coin Fallout

  • The Javier Milei/Libra coin incident exposed the rigged nature of some meme coins.
  • Insiders profited by manipulating liquidity, causing significant retail losses.
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